TransUnion CIBIL Limited, formerly called CIBIL, is the leading credit information company of India. It generates credit reports of individuals as well as companies based on comprehensive credit related data. The key data provided by CIBIL includes credit score for individuals and credit rank for companies, which is often a decisive factor for getting new credit approved. In the following sections we will discuss what CIBIL is; how it works; what credit score and credit rank mean as well as their importance for borrowers.
How does CIBIL work?
CIBIL is licensed by the Reserve Bank of India and governed by the Credit Information Companies (Regulation) Act of 2005. It generates credit score, credit rank and credit reports for individuals and companies. These reports play a key role in approval of applications for new credit such as loans and credit cards.
Let’s understand how CIBIL works:
- Banks and other financial institutions such as NBFCs submit their customer data, such as outstanding loan amount, repayment trends, new loan/credit card applications as well as other credit related information to CIBIL.
- TransUnion CIBIL evaluates the data and generates credit reports for individuals which include the “Credit Score” while the credit reports for businesses contain “Credit Rank”.
- Lenders check the CIBIL report as well as the CIBIL score/CIBIL rank to evaluate the risk of lending to the applicant and accordingly approve or reject loan/credit card applications. Subsequently, this decision is also reported to CIBIL and included in future reports.
What is CIBIL score?
CIBIL score is a three digit numeric summary of your credit history calculated using the company’s proprietary algorithm. It ranges from 300 to 900 and serves as a measure of an individual’s creditworthiness. Whenever one applies for a new loan or credit card, the lender checks his/her credit score to evaluate the risk of lending to the applicant. Maintaining a high credit score i.e. one that is closer to 900 increases the chances of being approved for a new loan or credit card.
You can be a CIBIL member by creating an account on the CIBIL website with applicable charges. The advantages for creating a paid account with cibil.com are:
- You receive daily updates of CIBIL score and report;
- You get instant alerts when there is a change in your credit report/score;
- You can use the online “Score Simulator” to explore how your credit profile will be affected based on your future actions;
- You get personalized loan offers based on your credit profile, and
- You can monitor your credit health closely by using CIBIL’s personalized analysis of score, credit summary, etc.
How to create a CIBIL account?
Following is the step-by-step procedure to create a paid CIBIL account and become a CIBIL member:
Step 1: Visit the CIBIL subscription page. The following web page will be displayed which shows the currently available subscription plans – basic, standard and premium along with their charges. Select the plan that suits your needs the best.
Step 2: On the subsequent page, fill out the personal details as shown below. Read the terms and conditions then click “Accept & Continue” to submit your data.
Step 3: Lastly verify your identity and complete the payment to create a paid account on the cibil.com website
Procedure for CIBIL member login
The following is a step-by-step process to complete your login on the CIBIL portal:
Step 1: Visit the CIBIL member login portal.
Step 2: Enter your cibil.com username and password to login.
How to check CIBIL Score for free?
You can check your CIBIL score for free once a year. For subsequent checks you have to avail one of the above-mentioned paid subscription plans.
Step 1: Create a CIBIL account by providing your personal details and an ID number.
Step 2: Verify your identity by entering the OTP received on your phone number and e-mail ID provided in the previous step.
Step 3: Check your credit score and report for free once a year after you have successfully create the account.
NOTE: In order to regularly monitor your CIBIL score and report, you need to be a paid member. The paid subscription plans start from Rs. 550 for 1 month (Basic Plan). However, Paisabazaar.com allows you to check your CIBIL score for free with monthly updates of your credit report free of charge every time.
What are the Components of a CIBIL report?
Monthly records of loans and credit cards are submitted to CIBIL by various financial institutions, including banks and NBFCs. CIBIL collates this data to create an individual’s Credit Information Report (CIR) or CIBIL Report. Following are the various parts of a CIBIL report:
- CIBIL Score: This is the first section of the CIBIL report that features a 3 digit number between 300 and 900 which sums up the credit worthiness of an individual. The score is calculated using the credit data of an individual using a proprietary algorithm.
- Personal Information: Date of birth, PAN, mobile number, address, etc. are mentioned in the first part of CIR.
- Account Information: This part contains information about your current as well as previous loans and credit cards, your outstanding balance, overdue amount, loan amount, credit card limit, etc.
- Credit Enquiries: Whenever you apply for a credit card/loan, the lender requests CIBIL for a copy of your credit report. Such a request made by the lender is called an enquiry. This section of the CIR contains details of the reason as well as dates when such enquiries made along with the name of the financial institution that made the enquiry.
Thus, the CIBIL report basically provides a detailed historic record of how an individual has handled debt in the past. Please note that the credit report does not include details of an individual’s investment or savings.
What is CIBIL Rank?
Just as CIBIL provides credit score for individuals, it generates credit rank for businesses. CIBIL rank serves as a numeric summary of the Company Credit Report (CCR). It varies on a scale of 1 to 10, where 1 is considered the best rank. Currently CIBIL rank is only provided for businesses with a credit exposure of Rs. 10 lakhs to Rs. 50 crores.
As CIBIL rank indicates a company’s creditworthiness it can significantly affect the chances of getting a new loan sanctioned. The closer a company’s CIBIL rank is to 1, the greater are the chances of getting approved for a new loan.
How to check CIBIL Rank?
The following is a step-by-step process to obtain the Company Credit Report (CCR) and check the CIBIL rank of a company:
Step 1: Visit the CIBIL CCR and rank checking portal.
Step 2: Enter the company details.
Step 3: Make the payment (currently Rs. 3000)
Step 4: Finally, upload KYC documents to download CCR and check the company’s CIBIL rank.
NOTE: You can complete the payment process to avail CIBIL rank using a demand draft or online using a credit card/ debit card or Internet banking. In case you want to pay offline (demand draft), please read the detailed instructions provided on the CIBIL website.
Services offered by CIBIL to businesses
Following are the key services offered by CIBIL to Indian financial institutions such as banks and NBFCs:
- Analytics and Consulting: TransUnion CIBIL keeps a track of consumer behaviour and market trends to provide broad scale data with analytical insights to the lenders. This helps businesses to make more prudent decisions and stay ahead of the competition.
- Collections Management: CIBIL helps to efficiently locate bad debtors to recover bad debts faster at lower costs. The combination of CIBIL database with analytical insights help businesses predict debtor behaviour and prioritize accounts for better results.
- Credit Reporting: CIBIL offers thorough credit reporting solutions to financial institutions on the basis of loan/credit card related data of individuals. This helps businesses make informed decisions to reduce risk and increase profitability.
- Customer Acquisition: The customer acquisition solutions by CIBIL allows companies to have a greater access to knowledge, data and analytics related to their customer base which in turn, lets them capitalize on the opportunities and make more informed decisions.
- Fraud and ID Management: The ever-changing financial market makes it imperative for the organizations to be on the lookout for possible frauds. Traditional risk management tools are not enough to deal with the modern day frauds. Thus, TransUnion CIBIL offers advanced Fraud and ID Management solutions to help organizations efficiently assess risk ahead of time to reduce the chances of fraud.
- Portfolio Management: CIBIL provides portfolio management solutions to help businesses assess the risks in their portfolios and manage them accordingly. It helps them monitor customer credit changes and improve retention of the best customers.
CIBIL Login Portal for Businesses
All credit institutions need to be a member of a credit information bureau as per the Credit Information Companies (Regulation) Act 2005. Being a CIBIL member also allows business to avail various services, such as collection management, customer acquisition, etc. The following is a short list of businesses that are eligible for CIBIL membership.
Eligible institutions for CIBIL membership
- Credit Institutions: This includes companies involved in the business of credit cards and distribution of credit, such as banks, co-operative banks, RRBs, NBFCs, Public Financial Institutions, HFCs, etc
- Insurance companies
- Companies providing cellular or telephone services
- Credit rating agencies
- Asset reconstruction companies
- Telecom companies
Procedure for CIBIL Member/Consumer Registration
Registration with CIBIL provides businesses a single point of contact to the nodal officer of TransUnion CIBIL. The membership can help businesses make informed choices to help their business flourish. The following are some key pointers regarding the CIBIL registration process for eligible companies:
- Courier the physical copies of the following documents to Transunion CIBIL Membership Team, TransUnion CIBIL Limited, One Indiabulls Center, 19th Floor, Tower 2A, Senapati Bapat Marg, Elphinstone Road, Mumbai – 400 013.
- Duly filled member application form
- Letter of application on financial institution’s letter head
- Signed and stamped pricing annexure
- Operating rule book with all the pages signed and stamped by the member
- Copy of letter of authority
- Certified true copy of the license issued by RBI/NHB
- Pay an annual fee of Rs. 5,000 and membership fee of Rs. 10,000 excluding taxes. The payment can be made by cheque/ demand draft in favour of “TransUnion CIBIL Limited”.
- After submission of required documents and payment of applicable fees, CIBIL will communicate the costs associated with their services.
- Finally after completing all the formalities, you will receive a “Member Kit” which will contain details of the best way to use CIBIL’s services for your business.
NOTE: In case of any query, please contact CIBIL Membership Desk by phone on 022-62358100. Alternatively, you can use the CIBIL online help desk for members.
How to Log in on CIBIL Portal?
Following is the procedure to login to CIBIL portal if you are a CIBIL partner:
Step 1: Visit the CIBIL website.
Step 2: Click the “Partner Login” button at the upper right corner of the page.
Step 3: Select the user type to reach the appropriate login page to access the services applicable to you. For example, if you are a financial institution, select “Consumer” as the user type.
Step 4: Enter your username, password and click login to access the various services offered by CIBIL.
CIBIL Self Service portal
Though it is rare, you may find an inaccuracy while going through your CIBIL report or you may be unable to verify your identity while trying to access your score. To address such issues, CIBIL has designed a self-service portal wherein you can seek assistance and raise a request for correction of your CIBIL report data.
Some common CIBIL report problems and their solutions:
- Problem: Unable to check your updated CIBIL report and score. Solution: Create an account on CIBIL and login to check your latest credit report and score. Alternatively, you can check your CIBIL report and score for free on Paisabazaar.com.
- Problem: Unable to verify your identity online. Solution: Upload the relevant document (usually PAN) and complete the CIBIL KYC process.
- Problem: Did not get an update after submitting KYC documents. Solution: Check your report dispatch status on CIBIL.
- Problem: You found an inaccuracy in your credit report. Solution: Raise a dispute.
How to raise a dispute on the CIBIL Portal?
If you find any error in your CIBIL report, you can raise a dispute on the company’s official website to get it corrected. Please note that there are no charges for this service. The following is the general procedure to raise a correction request on the CIBIL website:
Step 1: Login to myCIBIL.
Step 2: Go to the “Credit Reports” section. Then click “Dispute Center” and subsequently “Dispute an Item”.
Step 3: Fill out the CIBIL online dispute form.
Step 4: Select the relevant dispute section. For example, there may be an inconsistency in data or ownership details.
Step 5: Select the dispute type or enter a value for the disputed field in case of data inaccuracy and click “Submit”.
Once you have raised the dispute, you will be notified by the credit bureau regarding any documents that may have to be submitted.
Companies can also raise a CIBIL dispute in case there are inconsistencies in the company credit report. The following is an outline of the step by step process:
Step 1: Submit the CIBIL online commercial dispute form.
Step 2: The dispute is taken up with the concerned lender based on the type of the dispute.
Step 3: The lender may accept or reject the dispute. If the dispute is accepted, corrections are made in your credit report.
NOTE: Generally, the turn-around-time for dispute resolution and correction by CIBIL TransUnion is 30 days.
Alternatively, you can raise a dispute with CIBIL by writing to the following address.
TransUnion CIBIL Limited, One Indiabulls Centre,
Tower 2A, 19th Floor, Senapati Bapat Marg,
Elphinstone Road, Mumbai – 400 013.
How to fill out CIBIL dispute resolution form?
There are separate versions of the CIBIL dispute resolution form for individual and companies. The following are the key features of these forms:
- Individuals can access the CIBIL online dispute form for free.
- The applicant needs to fill out personal details such as name, address, state, city, PIN code, contact number, etc. in the dispute form as shown below:
- Company representatives can also access the CIBIL dispute form online to report any inaccuracies in the company credit report (CRR).
- Details required to raise the dispute include company details, such as company name, registered address, city, name of authorized signatory, etc. along with the reason for the dispute.
How to check CIBIL dispute status?
CIBIL notifies the status of a dispute via automated e-mail notification every 7 days. However, you may also contact CIBIL helpline and check the dispute status with the help of the unique ID provided after successful submission of a dispute form.
TransUnion CIBIL App
At present, TransUnion CIBIL does not have a mobile application in India. However, its official partners have their respective apps wherein you can check your credit report. You can download Paisabazaar Android App or Paisabazaar iOS App to check your credit report and score for free using your phone.
- CIBIL Helpline Number for Consumers is (+91)22-61404300
The helpline number is operational from 10:00 AM to 06:00 PM (Monday- Friday)
- Fax: (+91)22-66384666
- You can also write to CIBIL online to seek an answer to your query.
Frequently Asked Questions (FAQs)
Q1. Is CIBIL a credit rating agency?
CIBIL is officially a credit information company and not a credit rating agency. It provides credit score for individuals and credit rank for companies to determine their creditworthiness. However, a credit rating agency assigns credit rating to companies on the basis of their credit history.
Q2. Will my CIBIL score affect my visa application?
No, your CIBIL score does not affect your visa application. Generally, a proof of funds needs to be submitted along with a Visa application and your net worth/savings are not tracked by CIBIL.
Q3. What is the full form of CIBIL?
TransUnion CIBIL Limited was formerly called CIBIL. The full form of CIBIL is Credit Information Bureau (India) Limited.
Q4. What is TransUnion CIBIL?
TransUnion CIBIL (earlier CIBIL) is India’s first credit information company. It introduced India’s first risk analysis model for banks and other lending institutions. This credit information company evaluates the credit history of individuals and companies to provide a measure of the risk associated with sanctioning a new loan/credit card to them.
Q5. How long does CIBIL keep an individual’s credit history records?
CIBIL maintains a record of your credit history for at least 7-10 years.
Q6. How CIBIL collects data?
CIBIL works in collaboration with various financial institutions, including banks and NBFCs. CIBIL collects the data from these institutions in the form of their customer data regarding outstanding loans, credit cards and associated repayment trends.
Q7. Is CIBIL score only applicable in India?
Yes, CIBIL score is only applicable in India as it is generated on the basis of data provided by Indian lenders only.
Q8. Does TransUnion CIBIL have a mobile application in India?
No, TransUnion CIBIL does not have a mobile application for India. However official partners of CIBIL, such as Paisabazaar.com have mobile apps which you can check your credit report and score for free.
Q9. What is CIBIL mortgage check?
CIBIL mortgage check is a product offered by CIBIL to businesses. It is the first centralized database of mortgage information in India, which allows banks and other financial institutions to assess mortgage applications and reduce the chance of fraudulent transactions. It is particularly helpful at the time of sanctioning applications for loan against property.
Q10. Does CIBIL publish a wilful defaulter list?
No, CIBIL does not publish a wilful defaulter list. Rather individual banks and RBI provide a list of the borrowers who have failed to repay the loan despite their capacity to do so. However, CIBIL does maintain a database of cases wherein suit filed cases and non suit filed cases, where a lender can search for a wilful defaulter.
Q11. Where are the headquarter of TransUnion CIBIL located?
TransUnion CIBIL headquarters are located in Mumbai.
Address: TransUnion CIBIL Limited
One Indiabulls Centre,
19th Floor, Tower 2A-2B,
Senapati Bapat Marg, Elphinstone Road,
Mumbai 400 013.
Q12. What is TransUnion CIBIL score 2.0?
TransUnion CIBIL score 2.0 is a new and updated version of CIBIL score. This version also takes into account individuals with a credit history of less than 6 months. In the previous version, such individuals were categorized under the “NH (No History)”, however, CIBIL score 2.0 scores them on a scale of 1-5, where 1 means “high risk” and 5 means “low risk” borrower.
Q13. How often banks submit data to CIBIL?
Banks and other financial institutions submit customer data regarding loans and credit cards on a monthly basis to CIBIL.
Q14. What do CIBIL suit filed and non-suit filed accounts mean?
CIBIL maintains a database of the borrowers, who have failed to repay their loan dues in a timely manner. If the lender has filed a legal case to recover money from such borrowers, it is called a suit filed account. On the other hand, if the lender has not filed a case to recover money, it is called a non-suit filed account. At present CIBIL maintains a record of such defaulters for loan amount of Rs. 1 crore and above (for genuine defaulters) and Rs. 25 lakhs and above (for wilful defaulters) under the database lists termed “Suit Filed Accounts” and “Non-Suit Filed Accounts”.
Q15. What does a CIBIL enquiry mean?
This refers to the section called “Credit Enquiries”. This section reflects the number of times a request has been made to access your credit report by lenders. Lenders usually make a CIBIL enquiry whenever you submit an application for a new loan or credit card. If you apply for too many loans or credit cards at the same time, it will result in a greater number of enquiries which might negatively affect your credit score.
Q16. What is CIBIL rank?
CIBIL rank for businesses is in most ways similar to CIBIL score for individuals. It is given on the basis of company credit history and the rank provided ranges on a scale of 1 to 10. Lower the rank, greater is the creditworthiness of a business i.e. credit rank of 1 is the best and 10 is the worst.
Q17. How can I improve my CIBIL score?
A high CIBIL score is reflective of good financial health and increases the chances of getting a new loan or credit card approved. You can maintain/improve your credit score over time in the following ways:
- Paying dues on time: Always pay your EMIs and credit card bills on time.
- Low credit utilization ratio: It refers to the proportion of credit you have used to the total credit available. You should always aim to maintain a lower credit utilization ratio, preferably less than 30%.
- Mix of credit: Maintain a healthy mix of secured (eg. Car loan and home loan) and unsecured credit (eg. Personal loan and credit card), as a greater proportion of unsecured credit may negative impact your score.
- Avoid multiple simultaneous loan/credit card applications: Never apply for too many loans/credit cards at the same time. This is because it may portray you as credit hungry and negatively affect your credit score.
Q18. What are the various types of inaccuracies that can show up in my CIBIL report?
The following are the 3 main types of inaccuracies that may be reflected in your credit report:
- Ownership: If some of your personal details or account related information, including enquiries showing up in the CIBIL report are actually not yours.
- Incorrect personal details: Financial institutions submit details of your credit card account along with personal details such as address, contact number, etc. to CIBIL. Hence if you do not update your bank about any change in your personal information, it can lead to incorrect details in your credit report.
- Inaccurate account details: This refers to inaccuracies in your current balance or amount overdue. Such inaccuracies generally arise when you check your credit report within 45 days of your last payment of dues as the updated information from your lender has not yet been updated on your credit report.
Q19. Can my records be altered or deleted by CIBIL?
No, CIBIL does not change or delete the records of your credit history. It just collects data form its member financial institutions and evaluates it to generate Credit Information Report and Credit Score.
Q20. What does a credit score of “NA/NH” mean?
A CIBIL score of NA/NH typically stands for not applicable/no history. It simply means one of the following:
- Your credit history is too short or does not exist at all.
- You have not been associated with a credit activity in the last 2 years.
- You have add-on credit cards only, and thus lack credit exposure.
Please note that though a credit score of “NA/NH” does not indicate a poor credit history, it may decrease the chances of getting a loan sanctioned by some lenders.
Q21. What is the minimum CIBIL score required for any type of loan?
While a CIBIL score of 750 or higher is often considered to be ideal in case someone wants to apply for a new loan or credit card, most lenders do not specify a minimum CIBIL score for any type of loan.
Q22. How often is CIBIL Score updated?
Lenders send out credit data of its customers to CIBIL every month, hence CIBIL score may get updated once every month.
Q23. What are the CIBIL report fees?
Currently CIBIL offers its credit report to individuals for a fee of Rs. 550 onwards. Higher fees are applicable for longer term access to the CIBIL report and score. Alternately, your CIBIL report along with monthly updates can be availed for free on Paisabazaar.com
Q24. Is CIBIL Score free to check?
Yes. CIBIL score can be checked for free on Paisabazaar.com.
Q25. What is the difference between CIBIL Score and credit score?
Currently 4 credit information companies operate in India and provide credit scores as well as reports to individuals. They are TransUnion CIBIL, Equifax India, Experian and CRIF HighMark. They use different formula to calculate credit score hence the same individual’s credit score will vary from one credit information company to another. CIBIL score is the score provided by CIBIL to individuals.
Q26. How much CIBIL score is good for loans?
Typically banks do not specify a minimum or good CIBIL score when one applies for loans such as home loan or personal loan. That said, the closer an applicant’s score is closer to 900, the better are his/her chances of having their loan application approved.
Q27. What is the reason my CIBIL score got reduced?
There can be a number of reasons why you CIBIL score was impacted negatively. The common causes may include:
- Missed credit card/loan EMI payments
- Increased debt to credit ratio
- Increase in total unsecured credit
- Rejection of recent loan/credit card application
Q28. Can I get loan with low CIBIL score?
Yes. Even though you might have to pay a higher interest rate or receive a lower loan amount, it is still possible to be approved for a loan with low CIBIL score as long as you meet the other eligibility criteria specified by the lender.
Q29. What is the range of CIBIL Score?
CIBIL score ranges from 300 to 900 with a score closer to 900 being considered to be more suitable than a score closer to 300.
Q30. Can I get a correction done in my CIBIL report?
In case you find an error in your CIBIL report, you can raise a dispute by filling out and submitting the applicable form on the CIBIL website. While there are no charges for submitting the change request, you may be required to provide supporting documents in order to get your correction request approved.